The Editorial Team |

An African Telecom Success Frays Amid Record Fine in Nigeria

Johannesburg, South Africa, Capital Markets in Africa: Phuthuma Nhleko spent more than a decade building MTN Group Ltd. into Africa’s biggest wireless operator by rushing into markets few rivals would touch, from Syria to Afghanistan to South Sudan. Now his appetite for risk has come back to haunt him, and shareholders are calling for a different approach. The drawbacks of the aggressive style became apparent in October, when Nigeria slapped the company with a $5.2 billion fine —…

Tiger Sees South Africa Consumers Stressed as Costs Climb

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Johannesburg, South Africa, Capital Markets in Africa: Tiger Brands Ltd. said the risk of higher inflation will place pressure on South African consumers as the nation’s biggest food producer is raising prices to try to offset costs following record corn prices. Headline earnings per share from continuing operations, which exclude one-time items, were 9.78 rand ($0.62) in the six months ended March 31 from 9.75 rand a year earlier, the Johannesburg-based company said in a statement Tuesday. Tiger…

Ghana’s Biggest IPO Takes Fresh Twist as Sale Set to Reopen

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ACCRA, Ghana, Capital Markets in Africa: The controversy surrounding Ghana’s log-jammed initial share sale in its biggest agricultural lender has taken a fresh twist. The Agricultural Development Bank Ltd. said it will ask the West African nation’s securities regulator for permission to reopen the sale to give two state-owned entities — which didn’t participate in the initial public offering — an opportunity to buy shares. That may mean a delay of as much as two months before…

Fitch Cuts Mozambique Rating to CC Over Hidden Public Debt

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MAPUTO, Mozambique, Capital Markets in Africa: Fitch Ratings cut Mozambique’s credit to CC, indicating that a default of some kind is probable, after the southern African nation last month disclosed more than $1 billion of previously hidden debt. The grade was cut by one notch from CCC, according to a statement e-mailed by the company Monday. The review was brought forward by five months because of a “material change in the creditworthiness of the issuer,” it said. “The…

Investment | Nigeria Talking With Ansteel of China Over $4.5 Billion Project

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LAGOS, Nigeria, Capital Markets in Africa: Nigeria is in talks with companies including Ansteel Group Corporation of China to revive its $4.5 billion Ajaokuta steel complex, according to solid minerals development minister Kayode Fayemi. While construction of Ajaokuta started over three decades ago along the Niger River in central Nigeria with a planned production of 5 million metric tons annually, it was never completed. President Muhammadu Buhari wants to revive the factory project to diversify Africa’s largest economy which relies on oil,…

Old Mutual’s Asset Management Unit Attracts Possible Buyers

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Johannesburg, South Africa, Capital Markets in Africa: Old Mutual Plc, Africa’s largest insurer, said it has been approached by companies interested in buying a stake in its U.S.-based fund management unit. “Old Mutual confirms that it has received approaches from third parties to acquire its stake,” in OM Asset Management Plc, the London-based insurer said in a statement on Tuesday. There’s no certainty that the interest will lead to a purchase, it said. The company plans to split…

Emerging Currencies Drop on Fed Rate Bets as Turkish Stocks Jump

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LAGOS, Nigeria, Capital Markets in Africa: Emerging-market currencies fell with stocks as mounting speculation the Federal Reserve is moving closer to raising interest rates undercut the appeal of riskier assets. Turkish equities and the lira rallied the most among peers as the deputy prime minister survived a cabinet reshuffle. The MSCI Emerging Markets Currency Index weakened 0.2 percent as currencies in Malaysia and South Korea led declines. Russia’s ruble headed for the longest losing streak since December,…

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